Sonnie’s Porch

It was a surprising Tuesday as I find the first day of our Management Accounting session fun and productive. I learned various ways to analyze a financial statement, and as a non-accountant, the program facilitated by professors of Asian Institute Of Managemen (AIM) made me appreciate numbers and balance sheets. Had my teachers back in college are as good as our resource persons, I would have taken my accounting subject seriously

We touched a little on the personal financial side, and a rational spending was discussed. Because the Philippines is considered a spending economy, there are people who will buy a product out of impulse. I think the habit of saving is one habit Pinoys must develop. A friend working in Singapore shared about a law where 10% of the Singaporeans salary is withheld as mandatory savings. The citizens are allowed only to withdraw and use this for 2 purposes; (1) housing and (2) retirement. If indeed this info is accurate, I hope this law is replicated here.

There are several ways to save money, the most common are savings accounts and certificate of deposits (CDs) also known as time deposit. The difference between the two is that CDs are locked in with a fixed time, and upon maturity, will earn a fixed interest.

In the US, Washington Mutual or WaMu, offer these services differently. Living up to their reputation, they not only  offer these online, the products also have several variations to suit a customers’ need. As a bank for everyday people, they promise to make their customers banking experience fun and enjoyable by giving a competitive deal coupled with superb customer assistance. You may visit their site at www.wamu.com .

Saving helps us to be one step ahead.